Stocks jumped on Tuesday, building on the strong gains from the previous session, on the back of further tech gains and solid economic data.
The Dow Jones Industrial Average traded 150 points higher, or 0.5%. The S&P 500 gained 0.9% and the Nasdaq Composite advanced 1.4%.
Apple and Microsoft rose 2.3% and 1.4%, respectively. Amazon rose 1.6% and Alphabet climbed 2.4%. Netflix gained 3.3% and Facebook traded higher by nearly 3%. Tesla shares, meanwhile, popped 5% after surging more than 12% on Monday.
Stocks also got a boost after China reported its first retail sales increase for the year. The country's National Bureau of Statistics said Chinese retail sales rose 0.5% in August. The Shanghai Composite closed 0.5% higher on Tuesday.
This puts the China "on track to return to its pre-virus growth rate before the end of the year," said Julian Evans-Pritchard, senior China economist at Capital Economics. "Retail sales surpassed 2019 levels for the first time since the COVID-19 outbreak, while investment and output growth continued to strengthen" last month.
In the U.S., the Empire State Manufacturing index came in at 17 for September, rebounding from a print of 3.7 in August. Economists polled by Dow Jones expected the index to come in at 7.
Wall Street was coming off a strong performance on Monday, with the major averages all rallying more than 1% and advancing stocks outnumbering declining ones nearly 5-to-1 on the New York Stock Exchange.
Sentiment was boosted on Monday by positive news on the vaccine front, with AstraZeneca resuming its phase three trial in the United Kingdom and Pfizer CEO Albert Bourla saying over the weekend the company should be able to present key data from its trial to regulators by the end of October.
Optimism about the United States getting a better handle on the virus was a major reason that LPL Financial raised its year-end target for the S&P 500 to a range of 3,450–3,500 on Monday, said Jeff Buchbinder, an equity strategist at the firm. That target implies an upside of roughly 2% for the market over the rest of the year.
Buchbinder said that Monday's rally was also fueled by the announcement of major deals in the tech space, including Nvidia's move to buy Arm Holdings from Softbank for roughly $40 billion.
"Regardless of the situation, regardless of the sector, big commitments and big mergers tend to show confidence, and we would take those as positive signs," Buchbinder said.
The tech sector could generate more market-moving headlines on Wednesday, with Apple expected to announce new products at a digital-only event. The company is not expected to release a new iPhone, however.
The strong session followed a slide for tech stocks in recent weeks that brought the Nasdaq Composite into a correction, which means that the index fell more than 10% below its record high.
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September 15, 2020 at 05:08AM
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Dow jumps more than 100 points as Wall Street builds on Monday's comeback, Apple rises - CNBC
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